Kevmath
07-08-2005, 09:16 AM
From: http://www.nypost.com/business/49449.htm
July 8, 2005 -- Poker icon Doyle Brunson may be playing for the biggest pot of his life: the entire World Poker Tour.
Brunson, 71, said yesterday he and a team of financial backers have launched a $700 million cash offer to purchase WPT Enterprises, which owns the popular World Poker Tour.
The unsolicited bid is a 100 percent premium over WPT's close yesterday at $17.75.
But details of the bid are sketchy.
Brunson, in Las Vegas where he is playing in the World Series of Poker, was long on plans on what he would do with the property if the takeover was successful but was a bit short on details of the offer itself.
He confessed yesterday to knowing little about the timing of the bid or if it was truly submitted.
In fact, he was surprised when a reporter told him it was an all-cash deal.
"Well, if that is what it says," Brunson said, referring to a press release put out by his New York publicist that contained as few details about the deal as did Brunson.
An assistant to Brunson refused to identify the backers. She said the group's lawyer, Chaka Henry, of the Las Vegas law firm of Goodman & Chesnoff, FedEx'd the offer to WPT on July 6.
A spokeswoman for West Hollywood, Calif.-based WPT said late yesterday that the company did, indeed, receive an offer.
Steven Lipscomb, president of WPT, through the spokeswoman, said "We do not feel [the offer] is reflective of the true value of World Poker Tour Enterprises. We will share it with the board of directors. We look forward to hearing what they have to say."
The World Poker Tour is a ratings hit on the Travel Channel, was out of the office an unavailable for comment.
WPT went public on Aug. 4, 2004, at $8 a share and quickly rose to a high of $24.40 last month.
The World Poker Tour is credited with helping further spread interest in card-playing among all precincts of Americans.
For example, there is now The World Series of Poker on ESPN, dozens of poker cruises, a new poker show to debut on CBS, Celebrity Poker Showdown on Bravo, Casino Royale on the Game Show Network and Poker Superstars on Fox.
Kevin...
July 8, 2005 -- Poker icon Doyle Brunson may be playing for the biggest pot of his life: the entire World Poker Tour.
Brunson, 71, said yesterday he and a team of financial backers have launched a $700 million cash offer to purchase WPT Enterprises, which owns the popular World Poker Tour.
The unsolicited bid is a 100 percent premium over WPT's close yesterday at $17.75.
But details of the bid are sketchy.
Brunson, in Las Vegas where he is playing in the World Series of Poker, was long on plans on what he would do with the property if the takeover was successful but was a bit short on details of the offer itself.
He confessed yesterday to knowing little about the timing of the bid or if it was truly submitted.
In fact, he was surprised when a reporter told him it was an all-cash deal.
"Well, if that is what it says," Brunson said, referring to a press release put out by his New York publicist that contained as few details about the deal as did Brunson.
An assistant to Brunson refused to identify the backers. She said the group's lawyer, Chaka Henry, of the Las Vegas law firm of Goodman & Chesnoff, FedEx'd the offer to WPT on July 6.
A spokeswoman for West Hollywood, Calif.-based WPT said late yesterday that the company did, indeed, receive an offer.
Steven Lipscomb, president of WPT, through the spokeswoman, said "We do not feel [the offer] is reflective of the true value of World Poker Tour Enterprises. We will share it with the board of directors. We look forward to hearing what they have to say."
The World Poker Tour is a ratings hit on the Travel Channel, was out of the office an unavailable for comment.
WPT went public on Aug. 4, 2004, at $8 a share and quickly rose to a high of $24.40 last month.
The World Poker Tour is credited with helping further spread interest in card-playing among all precincts of Americans.
For example, there is now The World Series of Poker on ESPN, dozens of poker cruises, a new poker show to debut on CBS, Celebrity Poker Showdown on Bravo, Casino Royale on the Game Show Network and Poker Superstars on Fox.
Kevin...